Burned By JPMorgan, Whirlpool & More

They looked like hot stocks. So how are the traders playing JPMorgan, Whirlpool and more now that they’ve been burned?

Joe Terranova

On October 9th the Liquidator suggested a bank trade was, well -- money in the bank. “I’d take a long position in JPMorgan ,” he said. “I think its a great trade, They're going to be a decisive winner in the financial fall out.”

Unfortunately this bank didn’t quite generate the kind of returns Terranova was hoping for. A flurry of negative economic data along with a spike in mortgage delinquencies sent share sharply lower since he said to get long. So, what does Terranova have to say at JPMorgan now?

I still like this stock and if you're not in it now, I'd get in, he says.

On November 9th the Chairwoman thought she’d found a bargain in a major department store. ”In retail there are still a few names that I like,” she said, “Macy’s is one of them.”

As it turns out a long position in Macy’s wasn’t a bargain at all – in fact it was rather costly. Since she said to buy, the stocks slipped lower, on concerns about the strength of the consumer. So, what does Finerman have to say about Macy’s, now?

On October 23rd the Governor thought he’d clean up with a long position in washing machine maker Whirlpool . “The consumer's not dead,” he reasoned. “I like the guidance; they’re ratcheting it up, I like it. I still say it's a buy.”

Unfortunately Grasso’s Whirlpool trade didn’t clean up – it cleaned him out. Since he said to get long shares have marched lower. So, what does he have to say about Whirlpool now?

I thought cash for appliances would help this one out and I was wrong, admits Grasso. I apologize.

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